William Blair Equities Analysts Boost Earnings Estimates for The Progressive Co. (NYSE:PGR)

The Progressive Co. (NYSE:PGRFree Report) – Investment analysts at William Blair increased their Q2 2024 earnings estimates for shares of Progressive in a research report issued to clients and investors on Wednesday, May 15th. William Blair analyst A. Klauber now expects that the insurance provider will post earnings of $2.36 per share for the quarter, up from their previous estimate of $1.97. The consensus estimate for Progressive’s current full-year earnings is $11.53 per share. William Blair also issued estimates for Progressive’s Q2 2025 earnings at $2.46 EPS and FY2025 earnings at $12.95 EPS.

A number of other analysts have also issued reports on PGR. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Wells Fargo & Company dropped their price target on shares of Progressive from $244.00 to $243.00 and set an “overweight” rating for the company in a research note on Monday. Morgan Stanley boosted their target price on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, UBS Group raised their target price on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $215.19.

Check Out Our Latest Research Report on PGR

Progressive Trading Up 1.2 %

NYSE PGR opened at $209.38 on Monday. Progressive has a 12 month low of $111.41 and a 12 month high of $217.77. The stock has a market capitalization of $122.63 billion, a P/E ratio of 21.43, a PEG ratio of 0.81 and a beta of 0.34. The firm’s 50-day moving average is $208.78 and its two-hundred day moving average is $184.63. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 EPS.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Progressive news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,825 shares of company stock valued at $3,337,741. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Banque Pictet & Cie SA boosted its holdings in Progressive by 87.4% during the third quarter. Banque Pictet & Cie SA now owns 10,187 shares of the insurance provider’s stock worth $1,419,000 after buying an additional 4,752 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Progressive by 11.1% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,134 shares of the insurance provider’s stock worth $1,830,000 after acquiring an additional 1,309 shares in the last quarter. Compass Ion Advisors LLC purchased a new stake in shares of Progressive during the 3rd quarter worth approximately $1,029,000. Hartford Funds Management Co LLC grew its holdings in shares of Progressive by 8.7% in the 3rd quarter. Hartford Funds Management Co LLC now owns 2,431 shares of the insurance provider’s stock worth $339,000 after acquiring an additional 194 shares during the period. Finally, Private Advisor Group LLC increased its stake in Progressive by 1.7% in the 3rd quarter. Private Advisor Group LLC now owns 9,245 shares of the insurance provider’s stock valued at $1,288,000 after purchasing an additional 156 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

(Get Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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Earnings History and Estimates for Progressive (NYSE:PGR)

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